As for the .050 movement
Use a dial indicator and you can adjust to the .001 easly.

That's how I always set up to mill or turn. I never trust the handwheel readings, unless it's a rough adjustment, especially due to backlash. I use a mini-mag magnetic base with a dial indicator to set everything. On a lathe, I use this on the carriage, and a back button indicator with the 4 jaw chuck. I got used to doing this while running turret lathes, and it stuck for everything.